Resilience is the ability to recover quickly from difficulties. Think of an elastic band that can be stretched to its limits and then quickly spring back into shape when it’s released of its pressures. When it comes to business, there are two parts to resilience; mental and physical, or in other words, your mindset and the plans and processes you put in place now to withstand the unexpected.
Here’s how to run a resilient business.
Don’t worry, be planny
Both worry and planning are similar in that they involve thinking about the future, and the possibility of bad things happening there. The difference between the two is that planning involves coming up with possible solutions to mitigate potential problems, while worry sees you lost in the fantasy and drama of worst-case scenarios. Be a planner.
Control what you can, let go of what you can’t
You alone can not influence the economy, which should come as a relief, really. No one wants that weight on their shoulders! If the economy is going to slow, it’s going to slow. What you can control is how your business will be affected by changing market dynamics. Consider this your official warning and start planning now to build resilience for tougher times ahead. Even if you end up not needing to draw on these fallbacks in 2020, you can guarantee you’ll need them at some point in the future.
Keep your house in order
Focus on making yourself the best in your game. Are your processes sharp? Is your talent strong? Are your customers happy? What area of your business needs tidying up? Now is the time to right any wrongs. Make yourself the credible, customer-centric, indispensable party that people will budget for, even when budgets are cut.
At the risk of eliciting a collective eye-roll, I’m putting this out there. Gratitude is a powerful exercise in mindfulness and resilience. It’s taking the opportunity to take stock of what is going well and harnessing those strengths, beliefs and goals to get you through the tough times. Glass-half-full people are often more resilient than their pessimist counterparts as they tend to view setbacks as learning opportunities, take more risks in their pursuit of success and are more successful at motivating and engaging teams.